Over the past 4 years the UK government has:
- introduced new taxes on high value residential property held by companies;
- significantly increased certain taxes on UK residential property;
- andintroduced an extension of capital gains tax (CGT) to non-residents disposing of residential property.
More recently, the government has also published consultation documents on introducing a new 3% additional charge to stamp duty land tax (SDLT) from 1 April 2016; and bringing all UK residential property, however held, into the scope of inheritance tax (IHT) from 6 April 2017
The purpose of this briefing is to draw the strands together, again.
This briefing only considers residential property and is structured around the lifecycle of property ownership: first buying a property, then keeping it and finally selling it. It assumes that the ultimate owner has a foreign domicile.
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This publication is a general summary of the law. It should not replace legal advice tailored to your specific circumstances.
© Farrer & Co LLP, January 2016